Renowned as one of the world’s best self development experts, and ranked 4th Best business Coach in the World 2010, Rhiannon Rees has worked with stars including the Spice Girls, X-Files, Grey’s Anatomy and Private Practice cast members.
She is the author of the book, ‘How to Climb Mount Everest in Sandals’ and has been featured in countless TV, Radio and in print publications in both Australia and North America.
Throughout her coaching career in working with business owners all around the world there have been many key distinctions and learning’s as to what is required for an entrepreneur to be successful.
According to Rhiannon the most important element in any successful business is to have a vision.
“By not having a vision or an end destination entrepreneurs tend to get lost along the way, there must be a purpose; an inner map to achieve and strive towards. When the going gets tough people will leave but if you have a purpose it becomes more than just money.
Entrepreneurs also need to think of how the business is going to end, most get caught up in the day to day work requirements and have no actual vision for a future. They need to think first and then take action steps second. By doing this you become faster and better every week.” Rhiannon explains.
Over 95% of businesses fail within the first three years, mainly due to a lack of research and understanding of the market they are entering. Rhiannon goes on to state that in setting out your vision for your business, market research will play a vital role.
“You can’t give the market what you want, you need to give them what they want in order to be successful and not rely on luck. It’s all about the outside inside approach. How you conduct the research all really depends on your business type and industry. You can do surveys, focus groups, hire a market research company, speak to the public etc.”
By doing market research entrepreneurs are able to create a great level of foundation before moving forward in their operational activity. In the past five years there has been a big shift in certain industries such as social media, IT health, online businesses etc. So knowing your market is extremely important to the success of your business.
“Because things are moving at such a rapid pace I think businesses will have a shorter life spam so entrepreneurs need to think very closely before starting their next venture to make sure it is something that has longevity and future potential.”
After market research is conducted and a company’s vision is set out, Rhiannon sees leadership as the next big factor in a company’s success.
“Behind every successful company there is successful leadership and management, it all starts from the CEO. As a leader you want the team to grow past you because you know that you have been part of the training ground and your skills have enabled the staff to rise and grow within themselves and the organization.
There are three main reasons in my opinion why most entrepreneurs fail:
- Time: They don’t utilize their time
- Team: Don’t know how to use there team
- Money: Either spending too much or two little and not growing the business
By having the right leadership team within your organization it will help in bringing out the best in your staff, help people feel as part of the team and get the job done with a clear message.”
I think most successful entrepreneurs would agree in saying that leadership is absolutely critical for any business to be successful. And most importantly Rhiannon believes that the number one factor for an entrepreneur to be truly successful before anything else is their reason for getting into business.
“The ones who become really successful are the ones who are in business to create change rather then to make money. By doing this they are able to focus on delivering value to others and in return they reap the rewards.”
Interview by: Alex Pirouz is the founder of RIDC Advisory Pty Ltd. A Business and Sales Advisory firm partnering with Australia’s largest and fastest growing companies to further increase their revenue. Visit www.RIDC.com.au for more detailsSuscribe to the podcast